Clicky

Down Payment Changes Ahead

Effective February 15, 2016, Canada will have new down payment requirements for purchasing residential homes.  For properties selling between $500,000 and $1 million, people getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, […] Continue reading

Watch Out for an Extra Land Transfer Tax!

The Ontario Ministry of Municipal Affairs & Housing is seriously considering extending the Land Transfer Tax to municipalities.  This would mean a double land transfer tax on the purchase of a property. This was implemented in Toronto in 2008.  It works out to an extra $10000-15000 on a home priced about $450000. If the Liberals […] Continue reading

Cash Back Mortgages, the Devil IS in the Details

You’re thinking of refinancing your home and your banker tells you about their awesome cash back mortgage that you can qualify for.  You know you’ll get a higher rate with this mortgage, but you figure the trade-off is worth it.  And sometimes it is, but you MUST read the conditions associated with the cash back. […] Continue reading

Second Mortgages

Second mortgages can be very useful for a few reasons.  If you need to take some equity out of your property (commercial or residential) but have a large penalty to break your first mortgage, you may want to consider a… Continue reading

Is a Rent-to-Own Right for You?

Are you a homeowner who needs to refinance past 80% of the value due to financial challenges?  Are you wanting to purchase a home but don’t have sufficient down payment or have credit issues?  You may want to consider a… Continue reading

A New Economic Normal?

A growing number of long-range economic forecasts suggest we are heading for a new economic normal; slower economic growth and persistently lower interest rates.  The latest report from one of the country’s large financial institutions forecasts Canada’s growth to be… Continue reading

How to Take Care of CRA Debt?

If you owe CRA a significant amount of money due to a re-assessment & have no way to pay it, you may have options.  Any schedule 1 bank that you walk in to won’t allow you to refinance your home… Continue reading

More Changes to Mortgage Rules

A couple of weeks ago the Office of the Superintendent of Financial Institutions (OSFI) announced its complete B-21 guidelines for underwriting insured mortgages (less than 20% down payment/equity).  The industry has until June 30/15 to implement the new guidelines.

Cash-back… Continue reading